Sir, what are the advantage and disadvantage of LLP firm.
Currently we are a Proprietor Firm.
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Quick Summary
This discussion explores the advantages and disadvantages of transitioning from a proprietorship to a Limited Liability Partnership (LLP) firm. It highlights potential issues such as reconstitution problems and the need for partner approval within an LLP structure. The conversation also points to external resources for further understanding.
Limited liability partnership firm has disadvantages 1. reconstitution problem. 2. always approval from other partners 3. there are possibility of reconstitution but with limited action. 4. there are also other possibility.
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